Home Scam/Fraud An exposé on online investment scams, tricking Filipinos by using names of...

An exposé on online investment scams, tricking Filipinos by using names of public officials and celebrities — Scam Guards

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With the prolonged pandemic putting many Filipinos in challenging financial conditions, a noticeable rise in fraudulent investment schemes appears to have sprouted out of an intention to take advantage of the unfortunate situations of many.

These scammers’ methods include posting fake ads on social media, claiming that known government officials or celebrities promote the use of their unauthorized and unregistered platforms. Others use pyramid schemes that ask new investors for their money and use it to provide returns for earlier investors. This then leads to a vicious chain of victims trying to lure others into the same scheme just to earn a bit of money. With such schemes rising in number, the government has decided to increase its involvement in helping Filipinos keep their personal finances safe.

Firstly, the Department of Finance (DOF) was quick to clarify that the government was in no…

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